Hello again friends,
Today I want to share with you about my experience (so far) with this new platform called L7-trade.
SCAM OR NOT?!
I don't know....but lets check it out...
I first heard about it a couple months ago, and even opened an account ,but haven't really paid any attention to it at the time.
Only recently when I started to see it being mentioned here on Publish0x, especially by a wonderful blogger named @julien, that I decided to give it another try.
But before we proceed, I want to take the chance and say couple nice words about @julien and his blog called "From 0 to 1 Bitcoin challenge", and about his attempt to get from 0 btc to 1 in one year time.
It is an interesting challenge and I encourage you to check him out.
So what is L7-trade?!
In plain words, it is an online platform that allows you to profit on the price difference for certain coins on various exchanges.
It basically allows you to buy on one exchange for a certain amount and immediately sell it on another exchange for a profit.
This is called arbitrage trading…
Now don't get me wrong, arbitrage trading has been here forever, nothing new under the sun, especially in the crypto world.
The idea is very simple: Buy Low on one exchange and Sell Higher on another, and as the crypto market is very new and volatile, there can often be a delta of several percent between the two prices.
But in practice it is very challenging to achieve, as you gotta have accounts on all those exchanges, you gotta be able to transfer funds in a blink of an eye to avoid the risk of missing the price point, which can often be challenging due to block times, etc…
Then you need to be able to properly calculate all the fees that you will need to pay along the phases of the deal...something that often very hard to do...and after all the you sit and pray that at the end of all this you actually got a little profit.
There are several tools that employ various bots to help you out with the more tedious task of actually buying and selling coins, but you still gotta have all those accounts ready and hope you will manage to make the trade on time.
This is where L7trade come to the rescue.
They doing all this for you.
They platform has physical agents involved in the transaction.
They have accounts on the different exchanges with a reserve coin balance with which all the trading is conducted.
The operations are carried out with the same trading instruments, the difference in price between the exchanges which has a certain difference due to various reasons, allows you to make the profit
We can talk a lot about the legitimacy of this platform, and rather or not it is a scam...but this is not the place to do so.
For me, after doing my due diligence it seems legit enough to give it a try, that would not be the first LTC i burn if I am mistaken.
I guess the best way to test if it is a scam or not is to test it myself ;)
So as I already had an account, about 8 days ago I decided to make a deposit.
I didn't make a post right away as i wanted to test it for a few days before I publish anything.
As I didn't want to jump right in with an LTC or BTC i decided to go with XLM, as you can start out with only 20 XLM.
I had 125.6465353 XLM, about 10$, on my wallet, so I decided to deposit it all, test the platform for a few days, and if it all goes well i will then deposit the full LITECOIN (minimum LTC trading 1 LTC).
I made sure to make every possible trade.
I used the tip by @julien, to use a timer and set it up between each of the trades so I don't miss it...this single trick helped me get 4 trades per day.
Here are my results after a week of trading my 125XLM.
So as you can see my first trade was at 21/07/19 and it was for 125.6465353XLM, after about 3-4 hours I got 126.6063306 credited to my account, that is 0.8% profit or 0.9597953 XLM.
The second trade got me 1.1%, the third 0.7 etc….
Now don't get me wrong 0.9 XLM, or 1.1% doesn't sound like much, but this shit adds up.
This is where the beauty of Compound Interest comes in:
Let's consider a scenario, that this platform is not a scam, and that I will actually be able to withdraw my profits when the time has come, and let's hope for a second that those 3-4% daily profits will continue for a while longer…
What will happen to my initial investment of 125 XLM if i keep reinvesting everything that I earn?
After 7 full days I will have 153XML
In 15 days I will have 194XML
In 30 days I will be more than doubling my initial investment and will get 303XML
60 days will be at 736XML
100 days will be 2402XML - almost 10 times my initial investment……
And just to show you how crazy compound interest can be ...can you guess how much those 125XML will yield after 1 year of reinvesting everything at an average of 3% daily interest?!
I let you think about it for a second…..
That will be a whooping 6,060,746 XML, over 4848X on my initial investment...
(a red flag?! :) )
But that is too far out in the future...so many things can and will change in the crypto space in that time...well lots of things can happen in that time in any space…
(you can check out the daily compound interest calculator here: http://compoundaily.com/)
So my short plant is not to look that far...my plan is to triple my money, withdraw initial investment (just to be a smart investor ;) ) and keep pounding until they either run away with my money or until i will feel my heart beating every time i will press that sell button…
That would mean that there is already way to much money there to keep on a potentially shady platform ;)))
for now I am right on the spot with the estimations, and i am already made 23XML, thats 18.6 of my initial investment...not to bad for 7 days.
Total XML PROFIt 23.3330642 Total USD Profit 2.099975778 XML PRICE 0.09 Total Profit percentage of initial investment 18.6%
So if you guys have some spare coins that you would like to invest in a High Risk but potentially High Profit platform, that seems to be working great (at least so far)...then i very much suggest you to check out L7Trade…
But also it is important to clarify again that this is a very risky investment, and the platform has several red flags pointed out across the forums, so i would really encourage you to star cautious, and never invest what you cant afford losing...
If you would be so kind, and think that this platform is indeed something you want to check out, I will appreciate if you can use my affiliate link….it has absolutely no cost to you, but will give me a little boost on my profits...I will use it to fix world-hunger, lift everybody above poverty line and by my little daughter a brand new toy ;)
I will make sure to update you on my progress on the next blog, and share 1 week of trading with 1.3 LTC that i have recently deposited on there…the profits are great so far...
So stay tuned…
If you Liked my post and feeling generous, Crypto-Tips are always welcome :) (wink wink)
MY BTC Wallet : 1aAFg9RUqda8sYnhLfHgnc4cep7c3kFSo
MY ETH Wallet : 0x2DEB7dDB01Ae0f269278A4CdaE0B650d9f7BA5AC
MY LTC Wallet : LV177mxwfWzF9oxJwBQHttrjHdXVMVYF2A
MY XRP Wallet: rLpTU2b53YdF5kn81Ev6FnquFk7aKh13Gu